September 2004
Bond Buyer;9/7/2004, Vol. 349 Issue 31963, p6
Trade Publication
The article presents a table showing the current and proposed law regarding bonds. It is informed that under the Emergency Securities Response Act of 2003, the current law states that the Securities and Exchange Commission (SEC) has authority to issue emergency orders in crisis situations, such as the one that stemmed from the Sept. 11, 2001 terrorist attacks, but those orders only remain in effect for 10 business days. The SEC is only allowed to grant emergency relief under the Securities Exchange Act of 1934 in such situations. The proposed law states that HR 657, introduced on Feb. 11 by Scott Garrett, a member of the House Financial Services Committee, would extend to 30 days the period during which SEC emergency orders can, remain in effect, and would allow the commission to grant emergency relief under all of the federal securities laws. The bill would also give the SEC authority over dewing organizations for the municipal and government markets.


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